It doesn't seems like that. The West was pretty intolerant to business connections with Russia, and if instead of 80% cut there was 100% cut - it doesn't change the overall picture very much.

>by threatening sanctions on India and China

If We look at the trade balance of Western countries and China - the West isn't close to the position to do that.

>use it as a pretext to restart economic ties with Russia is the impending collapse of the Russian economy >yielding to Russian demands.

That's a blatant conspiracy theory. It seems like the main obstacle in the Trump's "peace deal" is that Putin is thinking that he is winning this war and that the Russian economy has way more time than the Ukrainian army will be able to conscript new soldiers.

>employing the same tactics Reagan used to bankrupt the Soviet Union

Soviet Union collapsed because of it's own complete left economy, because oil prices were several times lower than now (even adjusted for inflation) and because Gorbachev thought that it is better for him to advertise pizza, then to be the Supreme Ruler of those piece of sh.t of a country.